EUR/GBP sidelines near 0.7150 ahead of PMIs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/GBP is posting moderate gains at the beginning of the week, testing the area of session highs in the mid-0.7100s so far.

    EUR/GBP attention to PMIs

    The better-than-expected preliminary print of the Caixin Manufacturing PMI in the Chinese economy has spurred the demand for the riskier assets at the beginning of the week, sending the cross to daily highs around 0.7150 ahead of PMIs in Euroland.

    In fact, flash manufacturing PMIs in the euro area and the UK economy for the month of October will grab all the attention on Monday, preceding the more relevant BoE meeting due later in the week.

    EUR/GBP relevant levels

    As of writing the cross is up 0.16% at 0.7145 facing the next hurdle at 0.7215 (50% Fibo of 0.6935-0.7496) followed by 0.7240 (200-day sma) and then 0.7313 (55-day sma). On the flip side, a breach of 0.7121 (low Oct.30) would aim for 0.7067 (23.6% Fibo of 0.6935-0.7496) and finally 0.6934 (2015 low Jul.17).
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